As expected, USDCHF pulled back from 1.2467 last Friday. Further fall towards 1.2372 area to reach the next cycle bottom can be expected in a couple of days. However, the fall from 1.2467 is treated as correction to the up trend, and a break above 1.2467 will signal the resumption of the up trend.
USDCAD broke below 1.0645 key support last Friday and down trend resumed. Further fall below 1.0548 previous low can be expected. Near term resistance is at 1.0737, only break above this level will indicate lengthier correction.
EURUSD broke above the key resistance at 1.3368 and bottomed at 1.3263 on 4 hours chart. Further rise towards 1.3445 level to reach the next cycle top is still possible in a couple of days. However, the rise from 1.3263 is treated as correction to the down trend, a break below 1.3263 key support will signal the resumption of the down trend.
GBPUSD formed a sideways consolidation in a range between 1.9622 and 1.9784. Rise above 1.9784 previous high to reach the next cycle top on 4 hours will more likely be seen in a couple of days. Key support is now at 1.9657, a break below this level will signal the resumption of the down trend.
USDJPY is in up trend, the rise from 120.76 extended to as high as 123.66, further rise towards 124.00 to reach the next cycle top on 4 hours chart is still possible later today, and the next cycle top is nearing. Near term support is at the up trend line from 120.76 to 121.49, break below the trend line support will confirm the cycle top.
AUDUSD bottomed at 0.8333 on 4 hours chart, further rise towards 0.8476 previous high can be seen later today, a break above this level will signal the resumption of the up trend. Near tem support is at 0.8333, only break below this level will indicated lengthier consolidation.
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